Davis Companies Recovers Beau View Towers Project
Contact: Kara Kortman
504.949.3999
[email protected]
Purchase of Condominium Development Includes Complete Pay-off of Creditors
Biloxi, MS - The Davis Companies today announced the purchase of the Beau View Towers condominium community, formerly under management by Coastal Development and real estate developer Richard Landry.
In the $19 million deal that closed last Friday, Davis Companies reconciled more than $13 million in debt to over 50 creditors in lieu of signing a court-ordered foreclosure agreement that, though significantly lower in cost, would have left most creditors unpaid. Davis Companies opted instead to take on the full price of the contract and make good on all the known outstanding debt.
Construction on the four-year-old project was halted some time ago, but Davis Companies worked closely with the City of Biloxi to take over the development, with plans to resume construction in a timely manner.
John Case of Coastal Builders, the largest creditor owed a total of more than $4 million, expressed his excitement about the revival of the project.
"I have been closely tied with this project from the beginning," Case said. "Not only have the Davis Companies handled the project in the most ethical way imaginable, they will also take it off the ground and to the next level by moving ahead with construction," he said.
Davis Companies plan to construct a condominium community as originally proposed and will keep the name Beau View Towers.
To arrange interviews with Davis Companies spokespeople, the recently reconciled creditors or City of Biloxi representatives, please contact Kara Kortman at the phone number or e-mail address above.
About Davis Companies
The Davis Companies are a group of real estate development, construction and management firms based in Newberry, Florida. Beau View of Biloxi, LLC, the company under which Beau View Towers will be operated, is a subsidiary company of the Davis Companies. Founded in 1976, the Davis Companies employ 90 people.
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